TLDR
- NEAR Protocol dropped nearly 17% after BitMEX co-founder Arthur Hayes revealed he sold all his NEAR and Hyperliquid (HYPE) holdings.
- Hayes cited higher energy prices linked to the Iran war, three major AI IPOs expected before Q3, and macro timing risks.
- On-chain data confirmed Hayes sold 247,334 HYPE tokens worth around $18 million, with an undisclosed amount of NEAR.
- NEAR futures open interest fell over 21% to $543 million, a sign traders are closing positions rather than opening new ones.
- Key support for NEAR sits at $2.00–$2.01, with the next level down near $1.73 if that breaks.
NEAR Protocol fell nearly 17% on June 4, 2026, becoming one of the worst-performing tokens of the day. The selloff was triggered largely by news that Arthur Hayes, co-founder of BitMEX, had sold his entire NEAR and Hyperliquid positions.
Hayes announced the move publicly, listing three reasons: rising energy costs tied to the Iran war, three large AI company IPOs expected before early Q3, and a view that President Donald Trump may turn against AI politically. He said a fuller explanation would come in an essay called “Reality Test,” due the following Tuesday.
On-chain tracker Lookonchain confirmed Hayes sold 247,334 HYPE tokens for roughly $18.02 million. The amount of NEAR he sold was not disclosed, but the public announcement was enough to shake confidence in the token.
Hayes had previously said HYPE could reach $150. His decision to exit signals a shift toward caution after a strong rally. In a reply to a follower, he added, “I’ll be back,” suggesting the exit is tactical rather than permanent.
I just dumped my entire $HYPE and $NEAR position, I will explain why in my essay “Reality Test” dropping next Tuesday.
TLDR:
– Higher energy prices due to Iran war and inventory restocking
– 3 Mega AI IPOs between now and early Q3
– Prediction that Trump goes anti-AI to win…— Arthur Hayes (@CryptoHayes) June 4, 2026
Derivatives Data Points to Risk-Off Mood
NEAR futures volume climbed above $2.8 billion on the day of the drop, but open interest fell more than 21% to around $543 million. That combination — high volume with falling open interest — typically means traders are closing leveraged bets, not opening new ones.
This kind of activity points to a broad risk-off shift in the market, not just selling tied to Hayes.
On the price chart, NEAR had already been struggling. The token rejected near the $3.00–$3.10 resistance zone before pulling back. It then fell through short-term moving averages, putting bulls on the defensive.
NEAR Price Sits on a Key Support Level
At the time of writing, NEAR was trading around $2.05, down roughly 12.8%. The $2.00–$2.01 zone is now the line in the sand for short-term traders.
If that level holds, a move back toward $2.20–$2.30 is possible. A full recovery would require a return to $2.55.
If $2.00 breaks, the next support sits near $1.73, followed by a wider accumulation range between $1.45 and $1.65.
NEAR is currently trading below its short-term momentum averages, with $2.00 acting as the key short-term support level.
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